BeatThatQuote, which was named as one of the fastest growing websites by Nielsen in 2007, is now acquired by Google. BeatThatQuote provides users with price comparisons on various products and services such as loans, utilities, insurance, legal services and other financial products. BeatThatQuote offered these services specifically for the UK.
The purchase amount that Google had to pay for the acquisition was US$ 61.5 million which is £37.7 million Great Britain Pound. With this deal Google has broken new grounds in acquisition in personal finance area. BeatThatQuote was started in 2005 and had been growing on a very rapid pace since then.
BeatThatQuote Managing Director, John Paleomylites said that “Our team is excited about becoming a part of Google”. He also said that “We look forward to working with their engineers to create new tools making it easier for consumers to choose the right financial products. We think we can offer more transparency and better pricing information than existing online offerings.”
With the acquisition of BeatThatQuote, Google will have advantage in the UK financial product market. Google has started showing great interest in price comparison technologies and this acquisition will surely boost up its efforts.
Google will try to integrate this technology with other services it offers such as adding price comparison results to search. It will greatly boost the quality of service being provided by Google and boost up its revenue and quickly pay off the huge acquisition cost it incurred with the acquisition of BeatThatQuote. What do you think about this acquisition?